Construction equipment – An overview of the market trends
In the coming years, the global construction equipment market is predicted to grow to a worth of around 192 Billion US Dollars. While this sector has lagged behind the rest of the market, in terms of technology adoption, this is soon going to change. The construction industry is being invaded by the latest tech tools which make competition tougher. In order to tackle competitors, most of the construction companies have started investing in SaaS, smartphones, GPS and cloud technologies. Such practices are likely to bring about the following positive impacts in the industry:
- Ability of compliance with the fast-moving industry trends
- Higher productivity derived from existing tools and machines
- Faster collaboration by sharing photos, logistics and internal data
- Achievement of greater rate of returns by project simulations
Why is there a need for robust maintenance programs?
Due to the rise in raw material prices, the construction industry is expected to face financial risks. The only way to avoid such situations is to implement advanced equipment maintenance practices, to cut down extra overhead costs. The correct service routines for your tools can have a significant impact on the performance and productivity of your company. Majority of the organizations are opting for programs like equipment maintenance software to boost up their operational capacities.
Here are 5 sure shot benefits of this software you can experience on implementing it:
1. Build future strategies based on equipment history
Small and large construction companies, both need to maintain detailed logs of equipment. Doing so, you can have a great number of advantages for your business today and even for the future. While it may not seem so obvious in the beginning, but all tools and machines tend to evolve over time. As your business expands, you will outgrow some old machines and get new ones. To monitor such changes in capital, it becomes mandatory to record equipment history.
With maintenance software, you can store all information related to your tools and machines at a single place. Say, for example, you want to overview how Trawler A has been used for the year 2017. This can be pretty simple to do if your company has previous records on asset consumption. By carrying out history reviews, you will be able to predict equipment trends in the coming years. This improves the chances of asset optimization and offers increased productivity!
2. Keep your tools in good shape through lifecycle management
Being a construction business, you are likely to face equipment breakdowns every now and then. This is completely normal as tools come with an expiry date and tend to depreciate over time. Every piece of an asset goes through the decline stage at the end of its useful life. It is up to you how you make the best out of your equipment near its downtime. Some common practices to deal with the last stage of depreciation include:
- Frequent maintenance and fixes to prolong use
- Prepare the product for sale – cut down on costs associated with it
- Discontinue the use of the equipment or resale it at salvage value
All the above can be easily monitored through depreciation tracking offered by equipment maintenance software. You no longer need to individually track the useful life of your tools. This is especially helpful for the construction industry as it has hundreds of machines going in and out for projects. Just imagine the consequences if you send out a malfunctioned piece of equipment for use. Optimize equipment usage for efficient utilization in your construction projects!
3. Devise maintenance sessions for timely repair
Tools and machines require constant supervision in order to work at optimal levels. Being in the construction industry, you are likely to have a large equipment base. To conduct successful projects, there is a dire need to maintain all your tools in a timely manner. You cannot afford to work on a delayed schedule due to frequent equipment breakdowns. The only way to deal with this is to organize service sessions for all your tools and machines.
This can be easily arranged with the help of equipment maintenance software. You can also send alerts when your repair workshops have been scheduled. This way you don’t have to deal with unexpected equipment failures during work operations. Repair on time for enhanced tool performance and a faster-projected growth.
Did you know? The predictive maintenance market segment is expected to grow 39% till 2022 with a total worth of 10 Billion U.S Dollars.
4. Get equipment tags to track movements across sites
Lack of a transparent mechanism leads to a high rate of asset loss through poor administration practices. This is very common when you fail to keep a tab on equipment usage. Even small tools and machines like screwdrivers should be tracked in construction companies. Because when you ignore lost assets, they tend to increase and eventually sum to a large amount at the end of the year. This can be financially challenging for the company.
The simple solution is to tag all your equipment whether big or small to enable seamless check-ins and checkouts. Doing so can be very convenient, when your employees take out tools for construction projects across sites. Use barcode technology to increase transparency of data and cut down on inventory loss.
5. Maintain comprehensive vendor logs – all at a single place
Ever faced a situation when you realized you lack a robust system for data management? As you progress in your business year, it becomes harder to operate if you don’t maintain detailed work logs. This is extremely important when it comes to equipment maintenance. Your tools and machines are valuable assets which have specific requirements. Sometimes, it is the purchase order which needs to be generated or the service vendor who needs to be contacted. How can you manage all this information without negatively affecting your workflows?
Did you know? The construction sector in the U.S currently hires 764,090 construction laborers, which forms 34% of the total employed workers.
Equipment maintenance software provides a solution to all your data problems. With improved service vendor management, you can save all important details in a secure cloud-based system. Easily access documents whenever you want. No last-minute fretting over data unavailability. You can now carry out efficient construction operations without delays!
Gear up for faster business growth through equipment maintenance software
Introducing a new mechanism for executing tasks, is always a risk in every organization. But, with the benefits of an online equipment maintenance tool, you can afford to take this risk. With new and improved tracking technology and sophisticated lifecycle management, this software offers it all. When your tools and machines are performing at optimal levels, your construction business has a higher chance of achieving its goals and targets. Take the necessary precautions today to gain more tomorrow!
Share queries on equipment maintenance software
EZOfficeInventory is an extensively used equipment maintenance software, which allows companies to carry out streamlined projects to improve productivity and efficiency.